Online Magazine Claims Bill Cosby Is Buying Bitcoin To Hide Wealth

Bill Cosby is allegedly using Bitcoin to hide what is left of his fortune from creditors and other interested parties.

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Bill Cosby is allegedly using Bitcoin to hide what is left of his fortune from creditors and other interested parties.

The claim appears in Radar Online, an online magazine that claims to have access to insider information about the embattled former entertainer and actor.

Radar Online, which quite expectedly and appropriately does not name the ‘insider’ source, says that Cosby recently purchased bitcoin worth $5 million as a way of concealing part of his $500 million fortune.

Cosby, 81, was a household name in the entertainment industry before a series of damaging lawsuits irreparably tarnished his image. He has been convicted on a number of sexual assault cases and currently awaits court sentencing scheduled for September 24 this year.

The publication alleges that Cosby is out to convert his fortune into bitcoin to shield it from falling into the hands of his many creditors, which includes a $25 million bill owed to his lawyers.

It also claims that he is motivated to do so to avoid losing his assets to his wife, who may choose to pursue a divorce once the disgraced TV personality goes to prison.

 “He moved close to $5 million in Bitcoin after an expert told him it’s practically untraceable and impossible for anyone but him to retrieve.”

No one can take it

It goes on to explain why the comedian chose to buy into Bitcoin at this time. According to the publication, it simply boils down to the fact that no one can take from him.

“The expert said it couldn’t be taken in a divorce, bankruptcy or by the government in any liens!”

The story in Radar Online is much like most rumors – it often seeks to excite and entertain rather than to establish the truth.

That being said, these facts were not confirmed nor was the magazine’s source revealed or confirmed.

Highly unlikely but possible

No one can dispute that anyone can buy bitcoin using their cash. And no one can also irrefutably state that you can use crypto to try to hide your wealth.

It is true that bitcoin transactions cannot be censored and probably may stay anonymous.

Nevertheless, these transactions are visible on the blockchain and anyone can see both the addresses and the balances. Further, moving $5 million unnoticed is not that easy.

Bitcoin is anonymous because users don’t give out personally identifying information, but transactions between addresses can be linked. Even then, someone with Cosby’s profile cannot buy $5 million worth of BTC without raising some alarm or perform KYC.

Even if he pulls it off, that still leaves him with a lot of explaining to do with regard to $5 million worth of gaping holes in his financial statements. There is no way he can hide the money without raising red flags, be it in cash or crypto or whatever form he so chooses.

It, therefore, doesn’t make sense for Bill Cosby to buy bitcoin or other cryptos as a way of hiding his fortune. Whatever the case, he cannot risk it because it could result in him facing both civil and criminal charges.

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